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Speaker 1: Prime Minister Anthony Aberanzi goes on a wa spending spree

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Speaker 1: in a sure sign an election is not too far away.

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Speaker 1: Aria Group weighs up a nine billion dollar bid for

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Speaker 1: a UK property portal, and the US presidential election is

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Speaker 1: set to break advertising records with Kamala Harris going big

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Speaker 1: on digital Welcome to Fear and Greed. Daily business news

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Speaker 1: for people who make their own decisions. It is Tuesday,

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Speaker 1: the third of September twenty twenty four. I'm Michael Thompson

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Speaker 1: and good morning, Adam Lang.

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Speaker 2: Good morning Michael.

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Speaker 1: The year is flying, It absolutely is, and the main

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Speaker 1: story this morning suggests to us that an election, a

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Speaker 1: federal election, Adam, is not too far away because Prime

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Speaker 1: Minister Anthony Aberzi is on a bit of a cash

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Speaker 1: splash in Western Australia at the moment in a bid

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Speaker 1: to improve his election standing in the state. He's there

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Speaker 1: with several front bench MPs as campaigning really does get

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Speaker 1: underway ahead of an election that has not yet even

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Speaker 1: been announced.

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Speaker 3: That's right, Michael, and the duel in the Crown for

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Speaker 3: this week is a multi million dollar job and skills

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Speaker 3: package that forms part of the National Security Nuclear Submarine

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Speaker 3: orchest agreement. This will be formally announced today but it's

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Speaker 3: been widely foreshadowed in the press. There's going to be

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Speaker 3: another eight million announced for a Murdoch University plastics innovation hub,

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Speaker 3: two hundred and fifty million for an electric bus terminal

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Speaker 3: and eight million for the mobile black spot program. And

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Speaker 3: he can imagine in a state as vast as Wa

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Speaker 3: that can be significant in some electorates. A series of

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Speaker 3: social housing projects will also be announced, according to the

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Speaker 3: Financial Review. The Prime Minister's talking points are likely to

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Speaker 3: include his backing of the mining sector amid accusations that

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Speaker 3: Opposition leader Peter Dutton is ready to rework the GST

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Speaker 3: in a deal that works more in WA's favor.

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Speaker 1: Lots of kind of smallish kind of projects there and

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Speaker 1: eight million dollars for a plastics innovation hub, eight million

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Speaker 1: dollars for a mobile black spot program. They're not huge

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Speaker 1: sums of money. These are very targeted things. Why is

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Speaker 1: WA so crucial right now?

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Speaker 2: Yeah, it's a great point, Michael. So.

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Speaker 3: Labour's prospects in Wa for the next election are considered

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Speaker 3: make or break for the federal government. Time is ticking down,

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Speaker 3: with an election required before May twenty twenty five. In

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Speaker 3: the last federal election, Labour picked up four extra seats

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Speaker 3: in Wa and that helped it to secure its majority

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Speaker 3: government position. Current polling shows that Labour increasingly faces the

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Speaker 3: prospect of a minority government. News poll results published yesterday

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Speaker 3: found that satisfaction with Albanzi and Peter Dutton have both slumped,

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Speaker 3: and that the two are on a pretty even keel.

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Speaker 3: Disapproval for Albanzi is up four points to fifty four percent,

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Speaker 3: while his approval fell two points to forty one percent.

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Speaker 3: That's the worst result he has had since the last election.

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Speaker 3: Labor and the Coal were tied on a two party

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Speaker 3: preferred basis at fifty percent each, which is steady with

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Speaker 3: the last News poll result.

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Speaker 1: Plenty to still unfold between now and whenever it is.

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Speaker 2: Probably May, Yeah, Michael, it's neck and neck.

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Speaker 1: Goodness me, it is going to be quite a adding.

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Speaker 2: This up contested election.

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Speaker 1: I was going to I was just trying to figure

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Speaker 1: out how many months it will be, what seven months

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Speaker 1: or so?

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Speaker 2: Who knows, well, it depends on when they call it. Yeah,

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Speaker 2: I know.

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Speaker 1: And really that's the thing that they all say, it's

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Speaker 1: not about the polling, but both sides will be watching

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Speaker 1: these figures so so closely, and it will play into

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Speaker 1: kind of when an election is actually called, won't it.

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Speaker 3: Of course it will, and they've got to do that

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Speaker 3: while making some prediction about the path ahead. So with

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Speaker 3: the current state of the economy, interest rates, cost of living, Michael,

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Speaker 3: it's really hard to pick with any forward knowledge.

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Speaker 2: Yeah.

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Speaker 1: Indeed, all right, enough about politics, let's take a look

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Speaker 1: at local markets. Yesterday, the S and PASX two hundred

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Speaker 1: closed up zero point two percent to eighty one hundred

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Speaker 1: and ten points where they really It was a bit

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Speaker 1: of a surprise uptick in the afternoon, reversing the early

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Speaker 1: morning declines and pushing the market pretty close to its

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Speaker 1: previous record high.

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Speaker 3: Here Michael, Financials and energy were the top performing sectors

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Speaker 3: on the day, with banks behind the afternoon surge. Gold

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Speaker 3: Metals and mining and materials all fell pretty sharply, with

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Speaker 3: drops in both gold and the iron ore price weighing

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Speaker 3: down on the market. Jewelry company Lavisa Holdings bounced back

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Speaker 3: a bit today, with shares up three point one percent

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Speaker 3: after seeing a drop at the end of last week

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Speaker 3: amid concerns about discretionary consumer goods. Despite solid results salary

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Speaker 3: packaging company. Smart Group Corporation saw shares surge five point

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Speaker 3: four percent. Bellevue Gold fell nine point one after posting

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Speaker 3: their results, followed by Red Five down seven point four percent.

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Speaker 3: And this one was really interesting, Michael. Dreamworld's owner, Coast

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Speaker 3: Entertainment suffered a share price fall of one point nine percent.

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Speaker 3: It follows news that an animal handler was bitten by

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Speaker 3: a tiger at the Gold Coast Theme park. Drink and

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Speaker 3: pub business Endevor Group share price fell one point five

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Speaker 3: percent following Woolworth selling down its four point one percent

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Speaker 3: stake for a net three hundred and eighty three million.

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Speaker 3: That's not a bad return, and Maria Group fell five

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Speaker 3: point three percent. Will have more on that shortly.

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Speaker 1: Checking overseas markets and obviously Wall Street closed for the

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Speaker 1: Labour Day long weekend in the US, so our attention

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Speaker 1: is drawn instead to China.

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Speaker 2: Adam Yeah, Michael.

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Speaker 3: Chinese steel exports are expected to hit an eight year

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Speaker 3: high by the end of the year, topping one hundred

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Speaker 3: million tons, with The Financial Times reporting that this would

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Speaker 3: be the highest since twenty sixteen and is bringing vast

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Speaker 3: amounts of low cost supply onto the market amid an

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Speaker 3: already tense global trading environment. The lack of local Chinese

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Speaker 3: demand amid that soft residential property market we've been speaking of,

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Speaker 3: is prompting the rise in exports. Now this has obviously

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Speaker 3: got knock on effects for which is very significant for

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Speaker 3: the Australian economy. The global container shipping industry is meanwhile soaring.

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Speaker 3: Its profits rose to US ten billion in the second

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Speaker 3: quarter amid record volumes and higher rates for freight, and

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Speaker 3: that's according to Bloomberg. Net income for the biggest container

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Speaker 3: carriers actually doubled over the quarter, which is indicator of

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Speaker 3: how strong international goods trade market has been recently. Some

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Speaker 3: of the increase in rates is due to the disruptions

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Speaker 3: in the Red Sea, and volumes are partly due to

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Speaker 3: importers stocking up amid concerns about strikes and new tariffs

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Speaker 3: on Chinese goods.

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Speaker 1: All right, there is a bit going on now after

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Speaker 1: the show, Adam, there is a great interview coming up.

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Speaker 1: We're speaking with mcgrad Nicol partner and head of Advisory

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Speaker 1: Matt Fean and Partner Forensic Sarah Dedi. It's an interesting

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Speaker 1: conversation because nearly ninety percent of Australian business leaders expect

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Speaker 1: risk and security issues to get worse over the next

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Speaker 1: twelve months. Ninety percent isn't that It doesn't say a

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Speaker 1: lot for the amount of confidence that's out there. There

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Speaker 1: is a lot of wariness about some of these things,

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Speaker 1: and so this interview takes a look at what those

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Speaker 1: challenges are going to be from geopolitical threats, insider risk, cybersecurity.

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Speaker 1: The lot and the thing about the tim at mcgrahnical

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Speaker 1: know this space so well. They are great supporters of

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Speaker 1: fear and greed. This interview is well worth a listener

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Speaker 1: after the show.

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Speaker 3: Yeah, Michael lin, As you list them geopolitical threats, insider risk, cybersecurity,

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Speaker 3: probably makes sense as to why ninety percent of Australian

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Speaker 3: business leaders expect risk and security to get worse.

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Speaker 1: Yeah, indeed, so stick around. It is coming up after

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Speaker 1: the show. In the meantime though, we've got a lot

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Speaker 1: to get through. We'll be back in a moment with

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Speaker 1: the rest of the day's business news. Adam Star Entertainment

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Speaker 1: has been suspended from trading on the ASX following a

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Speaker 1: scathing report from the regulator, which we discussed last week

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Speaker 1: week and emergency weekend executive meetings.

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Speaker 3: It's been a very busy weekend for the Star company.

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Speaker 3: After the Star received its copy of a review from

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Speaker 3: the New South Wales Regulator into its operations, it held

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Speaker 3: off publishing its financial results and went into a trading

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Speaker 3: holt last week. But it failed to post results yesterday

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Speaker 3: morning and the Australian Securities Exchange stepped in and suspended

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Speaker 3: securities training for falling behind the due date. There's not

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Speaker 3: yet any date for when the suspension will lift. The

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Speaker 3: Australian Financial Review reported that over the weekend Stars executives

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Speaker 3: were looking for ways to relax debt obligations and that

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Speaker 3: without a way to raise capital or move past this episode,

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Speaker 3: it may face being put up for sale. Now.

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Speaker 1: I mentioned this one at the top of the show.

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Speaker 1: Adam Aria Group halted trading yesterday after confirming speculation in

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Speaker 1: the media over the weekend that it was considering a

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Speaker 1: bid for UK listed online property portal Right Move. The

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Speaker 1: deal Adam could be worth about nine billion dollars.

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Speaker 3: Yeah, Michael, this is a really interesting Australian business success story.

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Speaker 3: Ria Group said any offer would take the form of

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Speaker 3: cash and shares, but it has not yet approached or

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Speaker 3: had discussions with Right Move about the offer, and there's

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Speaker 3: no guarantee one will be made. The UK's takeover rules

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Speaker 3: mean the disclosure of a potential offer was required. Aria

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Speaker 3: said in a statement to the ASEX that there are

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Speaker 3: clear similarities between the two businesses, as both are leading

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Speaker 3: portals in their local areas for residential listings and have

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Speaker 3: aligned cultural values. Once training resumed, shares fell five point

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Speaker 3: three percent.

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Speaker 1: Oh so these will be the put up or shut

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Speaker 1: up rules, that's right, that we talked about when BHP

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Speaker 1: was going after Anglo American and the very kind of

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Speaker 1: strict timings that apply to all of these things. So

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Speaker 1: once this is out there, once this is going on,

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Speaker 1: the clock is ticking.

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Speaker 3: I love the plain language of the put up or

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Speaker 3: shut up rule.

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Speaker 1: Yeah, yeah, yeah, yeah, No. There's no beating around the

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Speaker 1: bush that one is there.

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Speaker 2: I wonder what they mean. Hmm.

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Speaker 1: It's such a mystery. Now, Adam Home Building looks like

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Speaker 1: it's starting to bounce back, with fourteen thousand, seven hundred

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Speaker 1: and ninety seven new dwellings approved in July. That was

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Speaker 1: up ten point four percent and followed a slump the

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Speaker 1: month before, according to the Bureau of Stats.

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Speaker 2: This feels like good news.

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Speaker 3: Michael, that was the first month of the National Housing Accord,

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Speaker 3: and there was a particularly significant lift in private dwellings

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Speaker 3: excluding houses up thirty two percent, with house approvals up

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Speaker 3: zero point six percent. Apartment figures can be lumpy when

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Speaker 3: big projects get approval, so that's worth taking into account.

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Speaker 3: And even with the full lift over July, the overall

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Speaker 3: approvals rates remain five point one percent, still below the

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Speaker 3: five year average, but it is a positive sign for

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Speaker 3: more supply, with New South Wales recording an eight point

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Speaker 3: five percent lift in private sector house approvals and wa

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Speaker 3: at its highest level since July twenty twenty one.

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Speaker 1: There's a busy day for the Bureau of Statistics yesterday,

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Speaker 1: because I also least business data for June showing company

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Speaker 1: gross operating profits fell five point three percent while wages

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Speaker 1: and salaries were up zero point seven percent.

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Speaker 2: Yeah, Michael, I reckon.

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Speaker 3: Every day's a busy day for the Australian Bureau of Statistics.

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Speaker 3: And as you know, I'm a big fan.

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Speaker 2: Yes you are not.

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Speaker 1: That shouldn't have come with an ugh at the start,

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Speaker 1: but it is more just the fact that I am

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Speaker 1: very familiar with your fascination obsession with stats and data

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Speaker 1: and just for you the Bureau of Stats is basically

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Speaker 1: a church.

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Speaker 3: Well let's get let's get to the altar of business data.

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Speaker 3: For June, it was an interesting and mixed picture for

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Speaker 3: corporate profits dragging down. The result was the mining sector,

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Speaker 3: believe it or not, where profits fell ten point nine

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Speaker 3: percent and wages slip zero point one percent. Construction had

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Speaker 3: a fall in profits of three point seven percent, while

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Speaker 3: wages were at one point eight There were falls in

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Speaker 3: profit for the vast majority of industries. Administrative and support

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Speaker 3: services a seven point eight percent jump in profits, and

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Speaker 3: there was a rise for professional, scientific and technical services.

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Speaker 3: The biggest rise in wages, Michael, were for electricity, gas,

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Speaker 3: water and waste services.

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Speaker 1: Now, I know I said that we were done with

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Speaker 1: politics earlier, but there's one more that's worth a mention.

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Speaker 1: The Greens have made another election pitch, this time clearly

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Speaker 1: geared towards renters. They are wanting to establish a National

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Speaker 1: Renter's Protection Authority to deal with tenancy disputes and to

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Speaker 1: enforce new minimum rental standards.

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Speaker 3: Here, Michael, the authority would cost two hundred million dollars

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Speaker 3: a year with one thousand national staff members to investigate

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Speaker 3: rental breaches. But also undertake advocacy, advice and education work

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Speaker 3: for tenants. It would be able to levy fines of

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Speaker 3: up to eighteen thousand, seven hundred and eighty dollars against

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Speaker 3: real estate agencies and instant fines of three thy, seven

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Speaker 3: hundred and fifty six dollars. The idea is that this

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Speaker 3: authority would replace tribunals in states and territories that are

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Speaker 3: regularly backed up with these kinds of cases. The Greens

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Speaker 3: are also pushing for a two year rental freeze, two

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Speaker 3: percent per annum caps for rent increases, and the right

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Speaker 3: to have an option to access five year leases and

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Speaker 3: guaranteed renewals.

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Speaker 1: Now Adam, Australian vegan food chain Flave, launched by a

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Speaker 1: former Zambrero CEO, has fallen over. The founders are basically

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Speaker 1: saying that they are ahead of their time and that

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Speaker 1: there isn't yet demand in the market for a quote,

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Speaker 1: mass market scalable, fully vegan eatery Yeah Michael.

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Speaker 3: A letter to shareholders reported in The Financial Review shows

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Speaker 3: co founders told their investors last week that they'd not

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Speaker 3: been paying themselves since January twenty twenty three and are

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Speaker 3: under a ten thousand dollars monthly bill to stay in business,

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Speaker 3: and they've been exploring options including shutting down local operations

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Speaker 3: and discussing with potential international partners, but ultimately the assessment

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Speaker 3: was that the brand is slightly ahead of the current

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Speaker 3: consumer hab It's. Just two years ago the brand was

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Speaker 3: announcing plans to open three hundred stores amid the big

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Speaker 3: wave of plant based type. It raised nine hundred thousand

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Speaker 3: dollars in crowdfunding money in late twenty twenty two and

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Speaker 3: in total raised seven point five million, but last year

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Speaker 3: generated one point two million in revenue and reported a

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Speaker 3: two point four million dollar net loss.

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Speaker 1: Alright, turning to international news now, and the US presidential

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Speaker 1: election is going to be the biggest digital advertising blitz

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Speaker 1: on record, with Kamala Harris planning a three hundred and

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Speaker 1: seventy million US dollar cross media campaign over three months

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Speaker 1: and what she's calling the biggest online ad buy in

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Speaker 1: the history of American politics.

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Speaker 3: Michael, I think these numbers are staggering. Harris's ad campaign

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Speaker 3: will kick off on September three and run until November five,

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Speaker 3: and will put a big chunk of her US five

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Speaker 3: hundred and forty million dollars worth of political donations to

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Speaker 3: work about us. There's two hundred million will go towards

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Speaker 3: digital ads, us one hundred and seventy million for television spots.

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Speaker 3: The digital placements include Hulu, Roku, YouTube, Paramount, Spotify, and Pandora.

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Speaker 3: There has been plenty written about her campaign's plan to

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Speaker 3: harness gen Z, with memes and viral content increasingly part

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Speaker 3: of the political conversation, so there's little doubt that social

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Speaker 3: media will be a big part of the push. To Michael,

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Speaker 3: as I say that, thinking it's America, is it gen

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Speaker 3: Z or gen Z?

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Speaker 1: Oh, it's probably gen Z there. I was just thinking

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Speaker 1: about how much you're going to be at home in

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Speaker 1: that meme kind of and viral content.

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Speaker 2: Culture swimming around in it. Michael.

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Speaker 3: Fortunately, it's not my decision to make this one, so

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Speaker 3: I can steer clear.

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Speaker 1: No, but it's going to be spectacular to watch. Gosh,

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Speaker 1: that's a lot of money, isn't it.

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Speaker 3: Yeah, incredible business, the big business of politics in the US.

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Speaker 1: Oh, staggering. And the fact that these are there are

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Speaker 1: so many donations and a lot of grassroots donations as

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Speaker 1: well that are just being just being funneled into this

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Speaker 1: massive advertising spend. It is really quite extraordinary.

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Speaker 3: It isn't you wonder too, you know? Does the right

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Speaker 3: to vote versus the need to vote play into this?

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Speaker 2: You know?

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Speaker 3: And the different dynamics in the American and Australian political system.

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Speaker 1: Oh gosh, we're getting very deep considering how close we

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Speaker 1: are to the end of the show here, and it's

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Speaker 1: getting very philosophical, isn't it.

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Speaker 2: That's right?

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Speaker 1: One last one to finish off on. Let's finish with

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Speaker 1: a bit of Elon Musk, shall we?

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Speaker 2: Okay?

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Speaker 1: An X has officially gone offline in Brazil after owner

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Speaker 1: Elon Musk chose not to comply with Brazil's laws. It

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Speaker 1: has left millions of local users locked out of the

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Speaker 1: social media platform Yeah Michael.

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Speaker 3: The Supreme Court in Brazil had ordered X to scrap

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Speaker 3: anti democratic and far right voices from the service following

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Speaker 3: major upheaval locally, Musk refused and missed a line to

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Speaker 3: name a new local legal representative after closing its Brazilian

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Speaker 3: office in August. Now locked out, Brazilians have been flocking

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Speaker 3: to rival Blue Sky, according to the Guardian, which has

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Speaker 3: racked up an extra five hundred thousand uses over two days.

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Speaker 3: This number may skyrocket, with X having had twenty two

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Speaker 3: million users in Brazil. There's been a backlash against the

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Speaker 3: Brazilian Supreme Court though, and it is likely that this

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Speaker 3: story will continue to evolve.

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Speaker 1: Adam up next is the Fear and Greed Daily Interview

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Speaker 1: with Matt Fahn and Sarah Dedi from mcgrad nickel. It

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Speaker 1: is all about what business leaders are expecting to happen

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Speaker 1: over the next twelve months, what they're expecting in terms

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Speaker 1: of risk and security issues, insider risk, geopolitical threats, cybersecurity,

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Speaker 1: a whole bunch of other things. As I mentioned before,

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Speaker 1: the team at mcgriarnickel know this stuff so well, so

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Speaker 1: it is a great, really insightful conversation. And mcgrarnickel the

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Speaker 1: great supporters of Fear and Greed, and also Adam keep

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Speaker 1: an eye on the Fear and Greed playlist because at

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Speaker 1: midday today, a bonus episode of Ask Fear and Greed,

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Speaker 1: where we answer listener questions, goes live at midday and

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Speaker 1: conveniently today. It's a question that you are answering. It

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Speaker 1: is and it is not a question about economics, and

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Speaker 1: it is not a question about kind of the markets

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Speaker 1: or anything. It is a question more about business isn't it.

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Speaker 3: It's about live Michael and business.

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Speaker 1: Oh, it's a bit of ask Adam, just dear Auntie Adam.

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Speaker 1: And anyway, it is well worth seeking around until midday

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Speaker 1: just to hear that one. It is an absolute cracker.

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Speaker 2: Thank you Adam, Thank you Michael.

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Speaker 3: And I hope being called Auntie Adam is not seeing

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Speaker 3: badly by anyone else, any other real aunties out there.

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Speaker 1: But it may stick. It is Tuesday, the third of

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Speaker 1: September twenty twenty four. Make sure you're following the podcast

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Speaker 1: and please join us online on LinkedIn, Instagram, x TikTok

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Speaker 1: and Facebook.

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Speaker 2: I'm Michael Thompson. That was fear and greed. I die